NoMa and Ivy City are the two parts of Northeast DC where rowhouses are the scarce product. NoMa added thousands of apartment and condo units around the NoMa-Gallaudet U Metro over the last fifteen years. Ivy City turned warehouse blocks along New York Avenue into restaurants, distilleries, and retail. The older fee-simple rowhouses tucked between them — on Gallaudet, Kendall, and Okie Streets in Ivy City and the K, L, and M Street NE blocks east of the tracks — are the ones buyers fight over.
Hard money loans in NoMa and Ivy City fund the scarcity trade. You buy one of the few dated rowhouses, renovate it to the standard of the new buildings next door, and sell to an owner-occupant who wants a house instead of a condo with a monthly fee. Rentals are harder here because tower landlords compete on concessions.
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NoMa and Ivy City market snapshot (2026)
Washington DC’s citywide median sale price runs about $635,000 (Redfin, 2026). Renovated rowhouses in Near Northeast trade above that median because supply is thin. Dated Ivy City rowhouses still come to market below it, usually from long-term owners or estates.
The key number is not the median. It is the gap between a renovated rowhouse and a new two-bedroom condo a few blocks away. When a renovated three-bedroom rowhouse with parking sells for roughly the price of a new condo plus two years of fees, owner-occupants choose the rowhouse.
| Asset | Typical acquisition (2026) | Rehab range | Renovated resale / rent |
|---|---|---|---|
| Ivy City rowhouse (dated) | $430K–$560K | $110K–$180K | $720K–$840K resale |
| Near Northeast rowhouse (K–M St NE) | $620K–$780K | $120K–$200K | $950K–$1.15M resale |
| Two-unit rowhouse (legal) | $650K–$820K | $150K–$230K | $5,200–$6,300/mo gross |
| Comparable new-tower 2BR rent | — | — | $3,100–$3,700/mo before concessions |
That last row explains the flip bias. A renovated rowhouse unit has to beat a new-tower apartment offering free rent, a gym, and a concierge. Sale buyers value the house. Renters often do not pay extra for it.
Who wins in NoMa and Ivy City
- Flippers with a finish standard that matches new construction — quartz, open kitchens, rooftop decks where zoning allows.
- Investors who read zoning maps. Ivy City mixes residential, mixed-use, and production-distribution-repair (PDR) zones on the same few blocks.
- Small builders buying a teardown or vacant lot for a new rowhouse, often paired with DC new construction loans.
How our hard money fits these deals
Banks struggle with rowhouses next to industrial uses and with borrowers who hold property in an LLC. We underwrite the property and your exit plan, not your W-2 income.
- Up to 90% loan-to-cost, capped at 75% of ARV
- 100% of rehab funded through inspection-based draws
- 12–18 month interest-only terms at 8.99%–13.5%, priced by experience and leverage
- 7–10 business day closes with title, scope, and comps in hand
Worked example: Kendall Street rowhouse flip
Property: Two-story brick rowhouse on Kendall Street NE in Ivy City, vacant estate sale, original kitchen and 60-amp panel.
Purchase: $495,000 Rehab budget: $165,000 — full systems ($52K), kitchen and two baths ($58K), rear deck and parking pad ($22K), finishes ($33K) All-in cost: $660,000 Loan: 88% LTC → $580,800 at 10.75% interest-only; ARV check: $580,800 is about 74% of $785,000 ARV Timeline: Close in 9 business days; rehab 4.5 months; listed in month 6 Sale: $785,000 to an owner-occupant who toured two new condos first
Carry: About $5,200/month interest for 7 months ≈ $36,400. Add roughly $47,000 in selling and closing costs, including DC transfer tax. Net profit lands near $41,000 on about $79,000 of borrower cash at closing.
The borrower priced ARV from three renovated Ivy City rowhouse sales. A condo price-per-square-foot comp would have suggested $860,000 — and a much thinner deal after the actual sale.
Why owner-occupants pay more for no condo fee
A condo fee works like a second mortgage payment. The buyer’s lender counts it against the same monthly budget. Every dollar of fee is a dollar that cannot go toward the loan. This table shows how much more house the same budget buys when the fee goes away. It assumes the buyer’s mortgage is 30-year fixed at 6.5%. That rate is an illustration, not a quote.
| Monthly condo fee avoided | Extra loan the same budget supports |
|---|---|
| $450 | About $71,000 |
| $600 | About $95,000 |
| $750 | About $119,000 |
That is the rowhouse premium in plain numbers. A buyer comparing your renovated rowhouse to a new two-bedroom with a $600 fee can pay about $95K more for your house at the same monthly cost. They also get a yard or deck and no special assessments. Put that math in your listing remarks.
Break-even sale price on the Kendall Street flip
Know your floor before you list. The Kendall Street file had $660,000 all-in and about $36,400 of carry. With 6% selling costs, including DC transfer tax, profit = sale × 0.94 − $696,400.
| Sale price | Net profit | What it represents |
|---|---|---|
| $720,000 | About -$19,600 | Priced like a dated rowhouse with a new kitchen |
| $740,900 | $0 | Break-even |
| $760,000 | About $18,000 | Weak renovated comp |
| $785,000 | About $41,500 | Actual sale, three rowhouse comps |
| $860,000 | About $112,000 | The condo price-per-square-foot ARV that never showed up |
The gap between the last two rows is the trap. The condo comp promised $70K more profit. The buyers paid rowhouse prices. Test your comps on the fix and flip calculator before you set a budget.
DC’s deed tax rates rise to 1.45% of the full price at $400,000 and above. The DC Office of Revenue Analysis lists current rates. Nearly every renovated rowhouse sale here clears that line, so budget the higher rate on both ends.
Mistakes we see on NoMa and Ivy City files
- Pricing the finish to a tower lobby, then pricing the sale to a rowhouse. Match finishes to the comps you will actually use.
- Adding a roof deck without checking height and zoning. A deck that needs relief can add months.
- Buying the one rowhouse on a PDR block. Industrial neighbors make the comp set thin and the buyer pool small.
- Running BRRRR math on tower rents. Use asking rent minus concessions, or skip the rental plan.
- Skipping the early-morning walk. Delivery trucks and rail noise peak before most showings start. Visit at 7 a.m. and again at dinner.
- Listing without parking photos. Off-street parking is the rarest feature here. Show the pad or garage in the first three photos.
Local risks we underwrite upfront
Tower concessions. If your plan is a rental, model rents net of competing free-rent offers. Many sponsors who planned a BRRRR here switched to a sale.
Industrial neighbors. Some Ivy City blocks share an alley with active PDR uses. Truck traffic and noise can shave value. Walk the block at 7 a.m. on a weekday before you write an offer.
Environmental history. Former warehouse and service-station parcels may need a Phase I report. We require one on any non-residential or mixed-use conversion.
Zoning. Confirm the parcel’s zone on the DC Office of Zoning map before you budget a rear addition or a second unit. PDR zones do not allow new residential use by right.
Rail and highway noise. Blocks close to the Amtrak and Red Line tracks or New York Avenue sell at a discount. Buyers notice at showings even when appraisers do not.
Permits. Use the DC Department of Buildings permit portal early. Rear additions and roof decks commonly add 6–10 weeks. See our DC permits and building code guide.
NoMa and Ivy City vs Eckington: where to deploy
Eckington has more rowhouse inventory and more rental demand from Metro commuters. NoMa and Ivy City have less inventory but a sharper owner-occupant premium, because buyers here are comparing you to new buildings rather than to other rowhouses. If you need volume, work Eckington. If you want a higher margin on fewer deals, work the scarce rows here.
Comp rules for this submarket
- Use fee-simple rowhouse sales only. Exclude condos, even in converted rowhouses.
- Stay within 0.4 miles and on the same side of New York Avenue.
- Adjust $25K–$60K for off-street parking; it is rare and buyers pay for it.
- Adjust down for blocks that share an alley with PDR uses.
Pre-qualification checklist
- Signed purchase contract with close date
- Scope of work with line-item budget and contractor bid
- Three renovated rowhouse sales within 0.4 miles
- Zoning confirmation for any addition or unit change
- Phase I report on any former commercial parcel
- LLC documents and six months of interest reserves
Bridge financing at 8.99%–13.5% interest-only · DC flipping rankings · (833) 264-7776.
Found a rowhouse in NoMa or Ivy City? Pre-qualify for hard money or call (833) 264-7776 for a proof-of-funds letter before your next offer.
Rates, terms and conditions offered only to qualified borrowers and are subject to change without notice. All loans are subject to full underwriting. Jaken Finance Group only finances non-owner occupied investment properties.